FTSE 100 Rises On Strong PMI Data
2024-08-21
3857
(fxcue news) - U.K. stocks rose slightly on Thursday after Britain's private sector companies reported their strongest growth in four months alongside cooling price pressures.
The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers' Index (PMI) rose to 52.5 in August from 52.1 in July.
Sentiment was also underpinned after minutes of the U.S. Federal Reserve meeting opened the door for an interest rate cut at the September policy meeting.
The benchmark FTSE 100 was up24 points, or 0.3 percent, at 8,308 after closing 0.1 percent higher on Wednesday.
In corporate news, JD Sports Fashion surged 6.2 percent after the sportswear retailer reported an improvement in second-quarter underlying sales, driven by surging revenues in the U.S. and Europe.
Energy giants BP Plc and Shell both dropped around half a percent as oil extended losses for a fifth straight session on demand concerns.
Bank of Georgia gained nearly 1 percent after it unveiled a £21m share buyback program.
Recruiter Hays rallied 2.3 percent despite full-year pre-tax profit plunging 91 percent as a result of "increasingly challenging" market conditions.
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